IEP 5.250% 15May2027 Corp (USD)

Bond Factsheet

Icahn Enterprises LP/Icahn Enterprises Finance Corporation

Indicative

Full Lot

Bid Price

98.315

Change in Bid Price

remove 0.025

Bid Yield (%)

8.130 %

Change in Bid Yield

0.057

Ask Price

98.704

Change in Ask Price

remove 0.067

Ask Yield (%)

7.455 %

Change in Ask Yield

0.126

Indicative price as of 02 Oct 2026, 4:33pm

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Bond Information

Icahn Enterprises LP/Icahn Enterprises Finance Corporation operates as a dual issuer and special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes.

Bond Issuer

Icahn Enterprises LP/Icahn Enterprises Finance Corporation

Guarantor

Icahn Enterprises Holdings LP

Announcement Date

07 Feb 2020

Issue Date

09 Mar 2020

Maturity Date

15 May 2027

Years to Maturity / Next Call

0.610 / 0.114

Modified Duration

0.574 @ 02 Oct 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

5.250

Coupon Type

Fixed

Annual Coupon Rate

5.250

Coupon Frequency

Semi Annually

Seniority

First Lien

Reference Rate

ISIN

US451102BZ91

CUSIP

451102BZ9

Bond Currency

USD

Total Issue Size

1,451,346,000

Min. Investment Quantity (Nominal)

USD 2,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

High Yield Corporate

Bond Sector

Financials

Bond Sub Sector

Diversified Financial Services

Issuer Credit Rating (S&P/ Fitch)

***/ N.R

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

Others

Bond Feature(s)

Issuer Call

At any time on or after November 15, 2026 (six months prior to the maturity date of the Notes), the Issuers may redeem all or a part of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, if any, on the Notes redeemed, to but excluding the applicable redemption date.

Make Whole Call

At any time prior to November 15, 2026 (six months prior to the maturity date of the Notes), the Issuers may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Notes Premium as of, and accrued and unpaid interest, if any, to but excluding the date of redemption, subject to the rights of holders of Notes on the relevant record date to receive interest due on the relevant interest payment date.

“Applicable Notes Premium” means with respect to any of the Notes on any redemption date, the greater of:
(1) 1.0% of the principal amount of such Notes; or
(2) the excess of:
(a) the present value at such redemption date of (i) the redemption price of such Notes at November 15, 2026 (six months prior to the maturity date of the Notes) plus (ii) all required interest payments due on the note through November 15, 2026 (six months prior to thematurity date of the Notes) (excluding accrued but unpaid interest to the redemption date),computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50basis points; over
(b) the principal amount of such Notes.

Change Control Put

Repurchase at the Option of Holders

Change of Control

If a Change of Control occurs, each holder of Notes will have the right to require the Issuers to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that holder’s Notes pursuant to a Change of Control Offer on the terms set forth in the Indenture. In the Change of Control Offer, the Issuers will offer a Change of Control payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to but excluding the date of purchase.

“ Change of Control ” means the occurrence of any of the following:

(1) the sale, lease, transfer, conveyance or other disposition by Icahn Enterprises or Icahn Enterprises Holdings (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Icahn Enterprises or Icahn Enterprises Holdings to any “person” (as that term is used in Section 13(d) of the Exchange Act) other than the Principal or a Related Party; provided, however, that (x) if the sum of (i) the Fair Market Value of properties or assets of Icahn Enterprises or Icahn Enterprises Holdings, as the case may be, not sold, transferred, conveyed or otherwise disposed of plus (ii) the Cash Equivalents and marketable securities received by Icahn Enterprises or Icahn Enterprises Holdings, as the case may be, as consideration (measured at aggregate Fair Market Value), determined at the time of execution of each relevant agreement, for such sale, lease, transfer, conveyance or other disposition of properties or assets, is at least 1.50 times the aggregate amount of all outstanding Indebtedness of Icahn Enterprises and any Guarantor (including the Notes), then such transaction shall not be deemed a Change of Control and (y) any sale, assignment, transfer or other disposition of Cash Equivalents, including, without limitation, any investment or capital contribution of Cash Equivalents or purchase of property, assets or Capital Stock with Cash Equivalents, will not constitute a sale, assignment, transfer, conveyance or other disposition of all or substantially all of the properties or assets for purposes of this clause (1);

(2) the adoption of a plan relating to the liquidation or dissolution of Icahn Enterprises;

(3) the consummation of any transaction (including, without limitation, any merger or consolidation),the result of which is that any “person” (as defined above), other than the Principal or the Related Parties, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of a Controlling Entity of Icahn Enterprises, measured by voting power rather than number of shares;

(4) the first day on which a majority of the members of the Board of Directors of the Controlling Entity are not Continuing Directors; or

(5) for so long as Icahn Enterprises is a partnership, at such time that the general partner of Icahn Enterprises is no longer at least one of the following: (w) the Principal, (x) a Related Party, (y) an Affiliate of the Principal or (z) an Affiliate of a Related Party.

Additional Note

Issued In exchange of ISIN: USU44927AV04.

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Coupon Dates	Coupon Receive	Principal Amount	Cash Flow

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